Arabian retail group Alshaya is currently involved in discussions with KPMG to buy a part of high street chain La Senza UK.
The group, which owns stakes in British retailers such as Next, Debenhams and Mothercare is reportedly set to take over as many as 60 stores in a pre-administration deal.
A La Senza spokesperson said: "We can confirm that Alshaya, a leading international retail franchise operator, is in advanced discussions with La Senza regarding a potential acquisition of part of the UK La Senza business.”
Former La Senza UK owner , Dragon’s Den panellist and Boux Avenue founder Theo Paphitis aired his views on the new development via Twitter.
Paphitis wrote: "Good news and bad news re LaSenzaUK heard that Lion has done a deal to sell the business with about 60 shops to Alshaya group."
He added: "The bad news re la senza is that the other 80 shops will be closed down or put in the hands of Admin KPMG with resulting job losses. Sad!"
Alshaya currently owns the franchise for La Senza in Russia, where last year it opened two stores.
It is not the only company to be interested in buying a part of the La Senza UK business. The lingerie company, currently owned by private equity firm Lion Capital, announced it would be enterring into administration last month.
Competitor Ann Summers, Triumph and Limited Brands are all rumoured to be considering a deal with the likely administrators, KPMG.